Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) Target Price at $105.93

Shares of Arcellx, Inc. (NASDAQ:ACLX) have received a consensus rating of “Buy” from the fifteen brokerages that are currently covering the stock, MarketBeat reports. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $105.93.

Several equities research analysts recently commented on ACLX shares. Bank of America lifted their price target on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group lifted their target price on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Barclays raised Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Morgan Stanley lifted their price target on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, HC Wainwright reissued a “buy” rating and issued a $115.00 price objective on shares of Arcellx in a report on Tuesday, December 10th.

Arcellx Stock Performance

ACLX opened at $82.03 on Wednesday. Arcellx has a one year low of $47.88 and a one year high of $107.37. The company has a market cap of $4.44 billion, a P/E ratio of -115.53 and a beta of 0.25. The business’s 50-day simple moving average is $89.08 and its 200-day simple moving average is $72.94.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. As a group, analysts predict that Arcellx will post -1.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $91.88, for a total value of $137,820.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 52,001 shares of company stock valued at $5,402,443 over the last ninety days. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of institutional investors and hedge funds have recently made changes to their positions in ACLX. Quest Partners LLC acquired a new stake in shares of Arcellx in the second quarter valued at about $27,000. Decheng Capital LLC purchased a new position in Arcellx in the second quarter valued at about $65,000. National Bank of Canada FI increased its holdings in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares in the last quarter. Quarry LP acquired a new stake in shares of Arcellx during the 3rd quarter valued at approximately $125,000. Finally, Covestor Ltd boosted its stake in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after acquiring an additional 1,613 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

About Arcellx

Arcellx, Inc, together with its subsidiary, engages in the development of various immunotherapies for patients with cancer and other incurable diseases in the United States. The company’s lead ddCAR product candidate is anitocabtagene autoleucel, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory multiple myeloma (rrMM).